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QUESTION 3: Magneto presents you with the following information for the year to 31 Jan 2021. Purchases RM38.000 Purchase return RM5.000 Sales RM100.000 Sales returns

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QUESTION 3: Magneto presents you with the following information for the year to 31" Jan 2021. Purchases RM38.000 Purchase return RM5.000 Sales RM100.000 Sales returns RM10,000 Stocks at I* Feb 2020 RM4.000 Magneto is not sure how to value the stock as at 31 Jan 2021. There are three methods have been suggested: Method I RM10,000 Method 2 RM20,000 Method 3 RM8,000 Required: 1. Calculate the effect on gross profit for the year to 31" Jan 2021 by using each of the three methods of stock valuation. (20 Mark)

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